{"id":25492,"date":"2023-04-13T16:02:37","date_gmt":"2023-04-13T16:02:37","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/?p=25492"},"modified":"2023-04-13T17:11:07","modified_gmt":"2023-04-13T17:11:07","slug":"members-of-parliament-welcome-banking-amendments","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/members-of-parliament-welcome-banking-amendments","title":{"rendered":"MEMBERS OF PARLIAMENT WELCOME BANKING AMENDMENTS"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>The proposed holistic review of the Banking Act to enable licensing, regulation and supervision of banks and deposit-taking institutions and further promote safety and soundness of banks in the country has received overwhelming support from legislators across the political divide.<\/b><\/p>\n

Minister of Finance, Ms Peggy Serame on Tuesday presented the Banking Bill of 2023 for second reading in Parliament, which proposed holistic and comprehensive review to address several strategic objectives as well as align the country\u2019s regulatory and supervisory standards to the changing nature of both domestic and international financial systems.<\/p>\n

Debating the proposed amendments, Member of Parliament for Kanye North, Mr Thapelo Letsholo hailed it as a progressive move as it would also allow for the establishment of digital banking.<\/p>\n

\u201cThis will allow innovations in the banking sector, which has been low in the country despite other countries benefitting economically from it.<\/p>\n

I also urge government to consider other progressive measures such as sandbox, which is whereby banks are allowed to trial some innovations before being rolled out for usage by the public,\u201d Mr Letsholo said.<\/p>\n

He also said the proposals to seek permission from the Central Bank before declaring, paying or transferring dividends abroad was a good idea as it would prevent foreign banks from fleeing in anticipation of any trouble.<\/p>\n

\u201cIt should however be ensured that such a provision is not abused by the Central Bank to meddle into the ordinary affairs of private banks,\u201d he warned.<\/p>\n

Francistown West MP, Mr Wynter Mmolotsi said the banking sector was one sector that Batswana were willing to venture into, but had been hampered by its stringent requirements.<\/p>\n

\u201cThe start-up capital requirement is as high as P5 million.<\/p>\n

How many Batswana can afford that, let alone just a million.<\/p>\n

This hampered even the most experienced bankers who might have wanted to retire and plant their experience into private investment,\u201d Mr Mmolotsi said.<\/p>\n

For his part, Tonota MP, Mr Pono Moatlhodi said even though he supported the proposals, he had discomfort in that about 98 per cent of the amendments were focused on the Central Bank.<\/p>\n

\u201cWe should have ensured that the Central Bank does not just wait for banks to provide information, but go out and sniff out for any anomalies,\u201d Mr Moatlhodi said.<\/p>\n

He also indicated that most banks in Botswana were only located in urban areas, seemingly neglecting rural areas that where most populations, which also needed banking services and financial education were located.<\/p>\n

The legislator for Okavango, Mr Kenny Kapinga also supported the proposals, but was of the view that government should be wary of too much nationalism in support of the establishment of citizen-owned private banks.<\/p>\n

Mr Kapinga said diversity of nationalities was also important.<\/p>\n

\u201cThis will allow easy acceptance of citizen established banks internationally.<\/p>\n

It will guarantee better success. We have seen too much nationalism failing in other countries, and we do not want to fall into the same pit,\u201d he said.<\/p>\n

For her part, Ms Talita Monnakgotla, MP for Kgalagadi North, called upon banks to intensify financial literacy through workshops and other means, particularly in rural areas.<\/p>\n

Ms Monnakgotla said that was because people in rural areas did not have much financial literacy, especially in the current era of Internet banking, making them easy prey to fraudsters.<\/p>\n

\u201cIn the past such was common. It is a pity that banks seem to be focused only on people with lots of money while neglecting the rest,\u201d she said.<\/p>\n

For More News And Analysis About Botswana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. The proposed holistic review of the Banking Act to enable licensing, regulation and supervision of banks and deposit-taking institutions and further promote safety and soundness of banks in the country has received overwhelming support from legislators across the political divide. Minister of Finance, Ms Peggy Serame on Tuesday presented the Banking Bill […]<\/p>\n","protected":false},"author":84,"featured_media":25491,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,237,234],"class_list":["post-25492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nMEMBERS OF PARLIAMENT WELCOME BANKING AMENDMENTS - Botswana<\/title>\n<meta name=\"description\" content=\"The proposed holistic review of the Banking Act to enable licensing, regulation and supervision of banks and deposit- ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/botswana\/all-news\/members-of-parliament-welcome-banking-amendments\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MEMBERS OF PARLIAMENT WELCOME BANKING AMENDMENTS\" \/>\n<meta property=\"og:description\" content=\"The proposed holistic review of the Banking Act to enable licensing, regulation and supervision of banks and deposit- ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/botswana\/all-news\/members-of-parliament-welcome-banking-amendments\" \/>\n<meta property=\"og:site_name\" content=\"Botswana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-13T16:02:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-13T17:11:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2023\/04\/postQueueImg_1681379690.32.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1800\" \/>\n\t<meta property=\"og:image:height\" content=\"1057\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/members-of-parliament-welcome-banking-amendments#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/members-of-parliament-welcome-banking-amendments\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"MEMBERS OF PARLIAMENT WELCOME BANKING AMENDMENTS\",\"datePublished\":\"2023-04-13T16:02:37+00:00\",\"dateModified\":\"2023-04-13T17:11:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/members-of-parliament-welcome-banking-amendments\"},\"wordCount\":589,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/members-of-parliament-welcome-banking-amendments#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2023\/04\/postQueueImg_1681379690.32.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Botswana\",\"Botswana\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/botswana\/all-news\/members-of-parliament-welcome-banking-amendments#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/members-of-parliament-welcome-banking-amendments\",\"url\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/members-of-parliament-welcome-banking-amendments\",\"name\":\"MEMBERS OF PARLIAMENT WELCOME BANKING AMENDMENTS - 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